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Senate  Bill,  No.  32.] 


[Ses.  1858-'9. 


Introduced  by  Mr.  Edney,    of  Henderson. 


Holden  &  Wilson,  Printers  to  the  State. 


A  BILL  TO  AMEND  THE  ACT  ENTITLED  "AN  ACT 
TO  INCORPORATE  THE  WESTERN  NORTH-CAR- 
OLINA RAILROAD  COMPx\NY,"  AND  THE  ACT 
AMENDATORY  THEREOF,  ENTITLED  AN  ACT  TO 
AMEND  AN  ACT  ENTITLED  AN  ACT  TO  INCOR- 
PORATE THE  WESTERN  NORTH-CAROLINA  RAIL 
ROAD  COMPANY. 


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Sec.  1.  Be  it  enacted  by  the  General  Assembly  of  the 
State  of  North  Carolina,  and  it  is  hereby  enacted  by  the 
authority  of  the  same,  That  an  act  entitled  an  act  to  in- 
corporate the  Western  North-Carolina  Railroad  Company, 
passed  at  the  session  of  1854,  and  an  act  amendatory  there- 
of, passed  at  the  session  of  1856.  entitled  an  act  to  amend 
an  act  entitled  an  act  to  incorporate  the  Western  North- 
Carolina  Railroad  Company,  be  and  the  same  are  hereby 
so  altered  and  amended  as  to  authorize  and  empower  said 
Company  to  extend  their  line  of  railway  and  construct  the 
same  with  one  or  more  tracks  from  the  present  terminus 
thereof  on  the  French  Broad  River  to  the  Tennessee  line 
at  or  near  the  Paint  Rock,  on  said  French  Broad  River. 

Sec.  2.  Be  it  further  enacted,  That  the  2d  section  or  di- 
vision of  said  railway,  shall  extend  from  the  town  of  Mor- 
ganton  to  a  point  one  mile  west  of  the  western  portal  ot 
the  tunnel  at  the  Swannanoa  Gap,  on  the  Blue  Ridge,  and 
the  3d  section  or  division  of  said  railway  shall  extend  from 
the  said  western  terminus  of  said  second  section  or  divis- 


2  Senate  Bill  No.  32.  [Session 

7  ion  to  the  Tennessee  line,  at  or  near  Paint  Rock,  on  the 

8  French  Broad  River. 

Sec.  3.  JSe  it  further  enacted,  That  as  soon  as  the  amend- 

2  ments  proposed  by  this  act  shall  be  accepted  by  the  indi- 

3  vidual  stockholders  of  said  Company,  the  Board  of  Direc- 

4  tors  of  said  Company  shall  open   books  tor  subscription  of 

5  stock  by  individuals   and  counties   to  the   capital   stock  of 

6  said  Company  to  an  amount  sufficient,  when  added  to  the 

7  unsubscribed  balance  of  the  four  millions  of  dollars  here- 

8  tofore   appropriated,   to  construct,   equip,   and  put  in  full 

9  operation  both  the  second   and   third  sections  of  said  rail. 

10  ways  as  herein  designated;  and  books  for  subscription  of 

11  stock,  as  aforesaid,   shall  be  opened  as  well  for  the  build- 

12  ing    and  construction  of  said  third  division  as  for  the  con- 

13  struction  of  said  second  division  of  said  railroad  ;  and  upon 

14  said  subscription  being  made  by  solvent  persons  or  coun- 

15  ties,  the  Board  of  Internal  Improvements  shall  direct  the 

16  Treasurer  of  the  State  to  subscribe  on  behalf  of  the  State 

17  for  the  stock  in  said  Company',  to  the  amount  of  two  mil- 

18  lions  seven  hundred  and  sixty  thousand  dollars;  being  the 

19  unsubscribed  balance  of  the  four  millions  of  dollars  here- 

20  tofore  appropriated  for  the  benefit  of  said  Company;  and 

21  the  aggregate  of  stock  thus  subscribed  by  individuals  and 

22  counties,  and  by  the  State,  shall  be  expended  in  construct- 

23  ing,  equipping,  and  putting  in  full  operation  the  said  se- 

24  cond  and  third  sections  or  divisions  of  said  railroad;  and 

25  the   certificate   of  the  President  of  said  Company,  under 

26  the  seal  of  said  Company,  and  countersigned  by  their  Sec- 

27  retary,  that  the  amount  of  stock  herein  required  from  in- 

28  dividuals  and  counties  had  been  subscribed,  shall  be  evi- 

29  dence  sufficient  to  authorize  the  Board  of  Internal  Im- 

30  provements  to  direct  said  subscription  to  be  made  on  be- 

31  half  the  State  ;  and  the  payments  of  the  installments  due 

32  from  the  State  on  said  subscription,  shall  be  made  in  the 

33  manner  and  upon  the  terms  now  prescribed  in  the  charter 

34  of  said  Company. 

Sec,  4.  Be  it  further  enacted,  That  the  subscription  ot" 
2  stock  herein  directed  on  behalf  of  the  State  shall  not  be  mad\. 


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185S-'9.]  Senate  Bill  No.  32.  3 

3  until  contracts  shall  have  been  entered  into,  with   solvent 

4  persons,  for  the  construction  of  both  the  second  and  third 

5  sections  or  divisions  of  said  road,  and  bonds  given  by  said 

6  contractors   to  secure  the  building  of  said   road  for  the 

7  sum  stipulated   in  the   contracts,   thus  indemnifying   the 

8  State  against  any  further  appropriation   beyond  the   four 

9  millions  of  dollars  now  pledged  on   the  part  of  the  Slate 

10  towards  the  building  of  said  road,  nor  until  said   contracts 

11  and  bonds  shall  have  been  accepted  by  the  Board   of  Di- 

12  rectors  of  said  road,  and  approved  by  the  Board  of  Inter- 

13  nal  Improvements  of  this  State. 

Sec.  5.  Be  it  further  enacted,  That  the  State  shall  not 

2  be  required  to  pay  on  said  supscription  for  the  completion 

3  of  the  said  second  and  third  sections  of  said  road  more  than 

4  five  hundred  thousand  dollars  per  annum. 

Sec.  6.  Be  it  further  enacted,  That  so  soon  as  the  fore- 

2  going  amendments  shall  be    accepted  by  the  individual 

3  stockholders  of  said  company,  in  a  general  meeting,  held 

4  by  them  to  consider  the  same,  such  clauses  in  the  charter 

5  of  said  company  (and  no  more)  as  are  in  conflict  with  this 

6  act  are  hereby  repealed  and  declared  null  and  void. 

Sec.  7.  Be  it  further  enacted,  That  if  the  said  company 

2  shall  accept  the  foregoing    amendments  of  their  charter, 

3  said  acceptance  shall  be  certified  to  the  Board  of  Internal 

4  Improvements,  under  the  seal  of  the  company,  signed  by 

5  the  president  and  countersigned  by  the  secretary. 

Sec.  8.  Be  it  further  enacted,  That  a  general  meeting 

2  of  the  stockholders  of  said  company  may  be  held   to  con- 

3  sider  the   foregoing  amendments  immediately  after  the 

4  ratification  of  this  act,  and  the  same  shall  be  in  force  from 

5  and  after  its  acceptance  by  the  private  stockholders  in 

6  general  meeting  assembled. 

Sec  9.  Be  it  further  enacted,  That  all  laws  and  clauses 

2  of  laws  coming  within  the  meaning  and  purview  of  this 

3  act  be,  and  the  same  are  hereby  repealed. 


UNIVERSITY  OF  N.C.  AT  CHAPEL  HILL 


00042071676 


FOR  USE  ONLY  IN 
THE  NORTH  CAROLINA  COLLECTION 


